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Categories >> Accounting >> Accounting General


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Q.Goods worth Rs.5000 destroyed in fire? Insurance claim 
received RS.4000 for the goods lost? Loss of Rs.1000 pass 
the entries in the books of accounts?
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
# 1

2) CASH A\C DR. 4000
LOSS A\C DR. 1000
Is This Answer Correct ?    33 Yes 12 No
Himanshu Singhal
# 2
Loss by fire(Goods)A/C Dr. 5,000
To Goods A/C 5,000

(Being goods lost by fire)

P/L A/C Dr. 5,000
To Loss by fire(Goods)A/C 5,000

(Being loss t/fd to p/l a/c)

Bank A/c Dr. 4,000
To Insurance claim A/C 4,000
(Being insurance claim received)

Insurance Claim A/C Dr. 4,000
To P/L A/C 4,000
(Being insurance claim t/fd to P/L A/C)
Is This Answer Correct ?    7 Yes 2 No
# 3
Goods destroyed by fire a/c Dr 5000
To inventory a/c Cr 5000
(Being goods destroyed by fire)

Bank a/c Dr 4000
Loss on goods destroyed by fire Dr 1000
To goods destroyed by fire Cr 5000

Being insurence claim received
Is This Answer Correct ?    4 Yes 2 No
# 4
p&l a/c dr.1000
cash/bank a/c dr.4000

To goods a/c cr. 5000
Is This Answer Correct ?    3 Yes 4 No
# 5
Loss by theft Account Dr 1000
Cash/Bank A/c Dr 4000
To Purchase Account 5000
Is This Answer Correct ?    0 Yes 4 No
# 6
Inventory A/C Dr 5000
To Insurance clamied receved A/c 4000
To Loss of inentory A/C 1000
Is This Answer Correct ?    3 Yes 11 No
# 7
Bank/cash A/c Dr 4000
Drawings A/c Dr 1000
To goods A/c Cr. 5000
Is This Answer Correct ?    1 Yes 22 No

Other Accounting General Interview Questions
  Question Asked @ Answers
pls can any body give me detail journal entries for stock of amanufaturing company?   1
what is average due date ?   1
what is tds,pf and vat?   3
Which of the following statement is not true: (a) If del-creder’s commission is allowed, bad debt will not be recorded in the books of consignor (b) If del-creder’s commission is allowed, bad debt will be debited in consignment account (c) Del-creder’s commission is allowed by consignor to consignee (d) Del-creder’s commission is generally relevant for credit sales   2
come will open bank account... what journal will come...   4
Why SAP Fico module is given more importance than Tally & other softwares   2
What is the difference between CASH FLOW and FUND FLOW?   2
Tell me,as per companies which section P&L Account and balance sheet will be prepared   2
vat will be charged on any type of transportation ?   1
how to prepare trial balance?   1
what is the meaning of debit and credit   1
Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.   3
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